Panama City residents are getting some good financial news.
The city recently changed the flood ordinance requiring the floors of buildings and homes to be at least one foot above FEMA's base flood elevation.
"Most of the residents already have that standard and are built above the BFE. And also I think it helps out the residents, not just with flood insurance, but if a flood ever does come, they're a lot less risk to a flood," said Panama City engineer, and catalyst for the change, Jennifer Aldridge.
Residents were already getting a 15% discount on their flood insurance of premiums, but as a result of the recent change they'll receive and extra 5%.
"It's wonderful, I mean you go from 15 to 20 percent, flood policies, with all the flood policies the we have in the city, it's pretty significant, it's quite an amount of money, it's almost like having a tax cut," said Panama City mayor Greg Brudnicki.
The board also voted commission John Kady to serve as mayor pro tempore in case of the absence of Brudnicki.